Revlon Inc.

December 27, 1985|By Deanne Brandon

NO DEAL. Revlon Inc. said it has scrapped an agreement to sell its cosmetics division to Adler & Shaykin for $905 million because the private investment company failed to attend a meeting to close the deal. But Adler & Shaykin blamed Revlon and said it would pursue a lawsuit that would force Revlon to sell. Revlon was acquired in a $1.85 billion takeover in November by Pantry Pride Inc. The Florida-based supermarket chain indicated that it wanted to keep the beauty division. Revlon had agreed to sell it as part of its attempt to fend off Pantry Pride.